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EN
This study is a contribution to literature on the impact of wealth on consumption (the wealth effect). We assess within- and between-country differences in the housing and financial wealth effect and analyze these differences according to socio-demographic characteristics. Our interest in separating the wealth effect into two is motivated by increases in housing prices in many industrialized countries. The fact that many developed countries are undergoing demographic changes prompted us to consider the relationship between socio-demographic characteristics and wealth effects. Differences are found in the magnitudes of financial and housing wealth effects by age, gender, as well as family composition of the households in all three countries. This paper reports some of the first findings based on data from a new source, the Luxembourg Wealth Study (LWS), built within the larger Luxembourg Income Study (LIS). LWS is a database containing harmonized wealth micro-datasets from a number of industrialized countries. In our analysis we use data from three countries: Canada, Finland and Italy.
EN
For over 30 years now globalization has been exercising a great impact on national economies. Global growth dynamics has always been closely related to growth in countries considered economically strong. This paper is set against the background of gradual, yet clearly noticeable changes in the global GDP breakdown with special emphasis put on the role the BRICs (Brazil, Russia, India and China) will play during the next five years. The issue of each country's participation in generating the global growth is coupled with an issue regarding participation in profits of global growth as well as calls of reverse redistribution of profits earned only by several counties. The GDP per citizen reveals the truth about actual wealth of different nations as it outlines drastic differences in the quality of living among countries and regions of the world. Upon analyzing data for the past millennium it has been easy to draw a breaking line between wealth and poverty. Data regarding the population living below the poverty line (% living on less than 1USdollar per day) and its accumulation in certain regions of the world is positively shocking. These circumstances pose a viable threat not only to global economic balance but also to safety of nations.
Filozofia (Philosophy)
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2016
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vol. 71
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issue 1
38 – 49
EN
Foucault’s book The Order of Things brings the hypothesis of three different epistemes. The first one is defined by Renaissance resemblance, the second one by Classical identity and the third one by Modern causality. This paper aims to examine the photographic discourse through a new reading of Foucault’s monograph The Order of Things. There are two selected parallels: the principles of resemblance (convenientia, aemulatio, analogy, sympathy) and the field of wealth (the relationship between money and “the world of things”). Other included subtopics include picture verbalization and word visualization, photographic representation, photographic picture recognition, authenticity and value of truth.
EN
This paper examines the long-run (co-integrating) relationship between real consumption, real disposable income, real net financial wealth, real housing wealth, and uncertainties in future income (income uncertainty) and the rate of return on accumulated financial wealth (capital uncertainty) for a panel of 12 euro area countries. Using proxies for the unobservable housing wealth and income and capital uncertainty, we show that such a relationship does exist, but it is not homogenous for the euro area as a whole. Real disposable income and real net financial wealth are the main determinants of real consumption for the PIIGS (Portugal, Italy, Ireland, Greece, and Spain) and non-PIIGS (Austria, Belgium, Finland, France, Germany, Netherlands, and Slovenia) euro areas. Income and capital uncertainties are negatively associated with real consumption, but only in the PIIGS euro area.
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FOREIGNERS TO HUMAN NATURE

70%
Annales Scientia Politica
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2019
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vol. 8
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issue 1
5 – 26
EN
Is there a relation between wealth and human nature? Can the Delphic maxim "know thyself” (γνῶθι σεαυτὸν) help us decide whether or not to be affluent and wealthy? And if so: how rich? Human beings, says Aristotle, can only use and benefit from a limited amount of goods and services. The very rich have more than they need; the poor are in need because they have the minimum required to live, or even less. Only in the ‘middle’ do we find those who enjoy ‘true wealth’. Any society should search to increase the number of persons who possess enough and therefore are ‘truly wealthy’. Every human being should have what one needs. To achieve a ‘truly rich’ ‘middle class’ (Aristotle) rather than aspiring to increase its Gross Domestic Product (GDP), per capita GDP or income equality in terms of a normal distribution a country must solve the welfare problem of its population. That means it must end with the food, health, education, employment, and other such gaps. This paper argues that the hierarchical stratification of the contemporary Mexican society that favours an outrageously rich minority could renew its social order with the understanding of two Aristotelian categories: attainment of ‘real wealth’ for large ‘middle class’. This would allow Mexico to become a member of the developed world by turning into a mostly middle class country.
Lud
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2012
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vol. 96
179-201
EN
The article deals with the phenomenon of richness among Polish farmers (inhabitants of the western part of Podlaskie voivodeship). Showing their attitude towards wealth and poverty the author argues that these days being wealthy might be a bigger social and cultural challenge for a farmer than being poor. Wealth is ambivalent; on the one hand almost all people would like to be richer than they are, and on the other, everybody tries to hide their assets because they know that their neighbours would consider them dishonest, as they themselves consider wealthy people. To their minds, richness and honesty cannot go hand in hand.The text also shows a peculiar way of using the word “profitability” by farmers, which is different from that used in a public discourse or in business. In order to seem not rich to one’s neighbours, one must count his or her money (both incomes and expenses) in a way which will guarantee that it is obvious for everyone that one does not belong to those wealthy but dishonest people. The author discusses the origins of such an attitude towards wealth and poverty and tries to show how it influences people’s actions and everyday strategies.
EN
The paper investigates the relationship between household wealth and financial vulnerability in the euro area member countries using data from the European Union Household Finance and Consumption Survey (HFCS). The instrumental variable regression model based on the two-stage least square method was used to elicit the role of household financial vulnerability in wealth accumulation. To consider different historical development and implementing social policies, the analysis considers the household location (post-communist countries according to the Warsaw Treaty and other European countries with a core in Western Europe). The analysis results emphasise the positive relationship between households’ wealth accumulation and financial vulnerability represented by household indebtedness. Additional variables reflecting the households’ socio-economic and demographic characteristics are statistically significant, too. Debt service-to-income ratio, statuses of employment (employed and self-employed), and age of the reference person squared were driving forces of wealth accumulation, while age of the reference person, number of dependent children, employment status (retired, other), and geographical location lower the level of household wealth.
EN
Looking at data for almost forty years shows it as characteristic for consumption and housing investment to be strongly preferred over financial savings in long-term behaviour by Hungarian households, despite major changes in the institutional system. An important role in this is played by the credit supply. Households are also using credit possibilities to increase their consumer and housing expenditures. The strong credit supply has been coupled with a low financial savings rate. This is not unique among European countries, but it may lead to a riskier macroeconomic path.
EN
In the text, I attempt to question the justifiability of Erich Fromm’s distinction: “to have or to be?”. In practice, the phrase is used in various contexts and discussions and is not associated with the ideas of its author. The catchphrase’s popularity comes from the fact that it managed to express the attainments of many centuries of religion and philosophy, which may be defined as axiology branding devotion to material things. The axiology is usually adopted as unquestionable. My thesis is that axiology is, in fact, a debatable evaluation. I present my own views and those of Bronisław Łagowski, which he presented in his paper Palę Fromma (I burn Fromm). I also cite real cases of negation and affirmation of private property. I discuss the negation of property made by Plato and its critique undertaken by Aristotle. I analyse the affirmations of private property which are the strongest in West European culture – liberal thought and libertarianism. I think that one should develop and form one’s mind so as to relieve oneself from the devotion to things. It does not, however, have to be achieved through the fight with and negation of the phenomena required for subsistence. Things are not negative in themselves. The desire and drive to possess material things may be perceived as a valuable phenomenon – both from an economic and a moral point of view. The community needs people who are responsible, resourceful and well-off, which means people who have something to lose. In this text, I am mostly interested in the “transposition” of the adopted metaphysical assumptions in the practice of social life.
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